Less than a year after Dodgers owner Mark Walter completed his record-setting purchase of the Lakers, the iconic Los Angeles franchise is reportedly on the verge of another major ownership change. ESPN reports that Joshua Kushner and Bob Iger are set to acquire the team for $12.5 billion.
Walter’s purchase of a controlling stake from the Buss family valued the Lakers at $10 billion last year, setting a record for the highest valuation of a professional sports franchise at the time. The Buss family had owned the Lakers since 1979.
Lakers deal ends Vegas wait
Kushner, a prominent venture capitalist, and Iger, the former Walt Disney Company CEO, had previously been exploring the possibility of acquiring an NBA expansion franchise in Las Vegas.
Deep Dive
What happens to Josh Kushner's minority stake in the Miami Heat after the Lakers purchase?
Why is Josh Kushner selling his stake in the Miami Heat?
How much is the reported purchase price for the Los Angeles Lakers?
Their reported move for the Los Angeles Lakers would allow them to enter the league without waiting for a potential expansion that could arrive no earlier than the 2028-29 season.
What happens to Kushner’s Heat stake?
However, Kushner’s existing involvement with the NBA creates an important complication. He currently owns a minority stake in the Miami Heat and previously held a minority interest in the Memphis Grizzlies.
To complete the Lakers purchase, the 41-year-old businessman will have to sell his stake in the Heat.
Inside Kushner’s business and FIFA link
{{/usCountry}}To complete the Lakers purchase, the 41-year-old businessman will have to sell his stake in the Heat.
Inside Kushner’s business and FIFA link
{{/usCountry}}Kushner is the founder of venture capital firm Thrive Capital and also serves as co-founder and vice chairman of Oscar Health. He is the brother of Jared Kushner, President Donald Trump’s son-in-law.
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Kushner also runs Thrive Eternal, an investment fund that had been identified as the potential vehicle for FIFA’s proposed $4.2 billion deal to sell a minority stake in its World Cup commercial operations. FIFA president Gianni Infantino ultimately withdrew that proposal earlier this month.
Lakers deal awaits NBA approval
Despite the reported agreement, the Lakers’ ownership transition is not yet complete. The deal still requires approval from the NBA Board of Governors, a process that could take several weeks.
The board’s next scheduled meeting is expected to take place in September in New York.
Kushner, Iger share Lakers vision
Kushner and Iger expressed their excitement about potentially taking control of the franchise in a joint statement.
"As lifelong NBA fans, we are deeply honored for the opportunity to become stewards of the Los Angeles Lakers, one of the most iconic sports franchises in the world. We have immense respect for the leadership and vision of Jerry and Jeanie Buss," Kushner and Iger said in a statement.
They also outlined their ambitions for the franchise, adding:
"Our long-term commitment is to build on that foundation, compete at the highest level, and serve this extraordinary team, its fans, and the city of Los Angeles," it further mentioned.
At $12.5 billion, the reported Lakers deal would establish a new benchmark for U.S. professional sports franchise valuations while highlighting the rapid rise in NBA team values.